Business of Law
Accept Winston & Strawn Offers ASAP, Howrey Chairman Reportedly Urges Colleagues
Posted Feb 3, 2011 9:34 AM CST
By Martha Neil
Having reportedly made offers to about three-quarters of Howrey's remaining 200 to 230 partners within the past week, Winston & Strawn is apparently eager to close the deal.
In a meeting this week with Howrey partners, the firm's chairman, Robert Ruyak, and Winston & Strawn's managing partner, Thomas Fitzgerald, urged those with offers from Winston to accept them as soon as possible, reports Legal Week, relying on information from the Recorder.
Some observers are wondering how Winston can be sure it will get enough rainmakers, not simply a group of service partners. However, an unidentified partner in California tells the Recorder that Winston's offers to the individual partners are contingent on a certain number of partners accepting.
It's not clear what that number is, that partner told the legal publication. "This whole thing depends on the business moving along."
The partner describes his own offer to the Recorder as "very fair" and predicts that most Howrey partners will accept. He notes, though, that Winston's closed compensation system makes it difficult for Howrey partners to compare offers with others.
Meanwhile, a new anonymous blog, It's Howrey Doody Time, has been created to provide a platform for information-sharing and comments about the situation.
"Please post any news that you may have about Howrey here—departures, office closings, rife speculation. Let's have it," urges the first post last week.
ABAJournal.com: "Average Howrey PPP Plummeted to $550K in 2010, Ex-Partner Says"
ABAJournal.com: "As Howrey Hemorrhages, Observers Speculate re Possible Debt Issues, Winston Exposure"